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Disruption

Though it’s a little bit of a puff piece, this is a pretty cool concept. Final has created a credit card that allows you to create an unlimited number of virtual credit cards to provide to online merchants, e.g., Amazon, Netflix. You can have one virtual card for each online merchant. If your card gets…

Startups in the payday lending space say their use of artificial intelligence is allowing them to make better loans at lower rates with fewer defaults. “The power of artificial intelligence versus business intelligence is BI is purely retrospective, whereas AI looks forward into the future and predicts — what will this person do based on…

What goes into building a digital bank? Brian Yurcan of the American Banker looks at two case studies, EQ Bank and BankMobile, to understand how executives develop new, digital-first bank services. The “endeavor involves developing new products, new processes and entirely rethinking [banking],” he writes. “It is so much more than just creating a good mobile…

Where are the credit scores of yesteryear? Writing in the American Banker, columnist Penny Crosman examines the impact of AI and proprietary credit scoring algorithms on the lending industry and consumers. While AI “offers lenders the ability to . . . score those previously deemed unscorable,” Crosman writes, “such scoring techniques also bring uncertainty.” Edited with…

FCA paves way for blockchain-based money. The U.K.’s Financial Conduct Authority (FCA) granted a Small Electronic Money Institution (EMI) registration to blockchain firm Tramonex, making it the first DLT company to gain the EMI designation. Tramonex can now operate as money transmitter and payment facilitator, as well as “issue, distribute and redeem e-money.” Edited with BlogPad…